Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and one of the highest per capita GDPs in the world. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-2002 by the global recession and the slump in the technology sector. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle than the current export-led model but is unlikely to abandon efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

purchasing power parity - $112.4 billion (2002 est.)

2.2% (2002 est.)

purchasing power parity - $25,200 (2002 est.)

agriculture: NEGL%
industry: 33%
services: 67% (2001 est.)

NA%

-0.4% (2002 est.)

2.19 million (2000)

financial, business, and other services 35%, manufacturing 21%, construction 13%, transportation and communication 9%, other 22%

4.6% (2002 est.)

electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, entrepot trade, biotechnology

-9.8% (2002 est.)